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Bridgewater bucks trend to make clients $13.8 bln
2012年2月29日 / 下午12点42分 / 6 年前

Bridgewater bucks trend to make clients $13.8 bln

* Ray Dalio's fund beats rivals
    * Hedge funds collectively lost investors $123 billion last year

    By Tommy Wilkes	
    LONDON, Feb 29 (Reuters) - Bridgewater Associates, the world's biggest hedge fund,
handed clients $13.8 billion last year, catapulting founder Ray Dalio above long-time rivals
such as George Soros and John Paulson as the industry's biggest money maker in 2011, research
    Bridgewater's flagship Pure Alpha fund, which runs $71.9 billion, has now made clients $35.8
billion after fees since its inception in 1975, according to research from hedge funds investor
LCH Investments, part of the Edmond de Rothschild Group.	
    The wider hedge fund sector endured a torrid 2011 and lost clients a total of $123 billion
after most managers were wrongfooted by volatile markets, the research showed. Paulson alone
lost clients nearly $10 billion last year.	
    Bridgewater's huge return to clients, which comes on the back of its fund's strong
performance, will likely mean a bumper paycheck for billionaire Dalio, who founded the Westport,
Connecticut-based firm out of a two-bedroom apartment in 1975.	
    "The emergence of Bridgewater Pure Alpha and the gains they have reported in the past two
years are outstanding and demonstrate the great opportunities that exist in macro investing at
this time," said Rick Sopher, chairman of LCH Investments.	
    Macro funds, which make calls on global economic events with bets on bonds, currencies,
commodities and equities, are some of the industry's most celebrated, turning veteran managers
like Louis Bacon or Paul Tudor Jones into some of the wealthiest investors in the world. 	
    "Macro investing is notoriously difficult, but the best managers are able to find
opportunities, especially in troubled markets," Sopher said.	
    With the payout to investors, Bridgewater -- which employs 1,200 people -- can also boast
that it made far more money for clients than most Wall Street giants in 2011. Goldman Sachs
 made a $2.5 billion profit, while Morgan Stanley reported income of $4.2 billion.
    Bridgewater's 2011 returns move the firm up from third in 2010 for all-time returns. George
Soros's Quantum Endowment Fund, which was founded in 1973, lost its first position and now ranks
in second, while John Paulson slipped to third place after his funds racked up huge losses last
year from betting on an economic recovery that never materialised. 	
    Despite last year's losses, early-stage Paulson's investors have still made a collective
$22.6 billion since the New York-based fund was founded in 1994, the research shows.	
    Overall, the top ten combined made investors $3.7 billion last year, meaning most of these
big-name managers lost clients money.	
    London-based Brevan Howard, founded by ex-Credit Suisse trader Alan Howard in
2003, bucked this trend, handing clients $3.2 billion after its flagship fund made double-digit
    This moved the $26.5-billion fund up to fifth place for all-time gains, up from eighth last
year, the research shows.	
    The data also showed the extent to which hedge fund returns are dominated by the biggest
    Since inception, the top 10 managers have generated gains, net of fees, of $185.2 billion,
equating to 39.1 percent of the total $474 billion in net gains made by all single manager funds
since they started.	
    LCH Investments, which runs one of the oldest fund of funds dating back to 1969, compiled
the data through a combination of manager contacts, audited and management reports, internal
estimates and other confidential sources, it said.       	
Top Ten Absolute Return Managers:	
By net gains (after fees)      Net Gains ($bn)  Strategy AuM ($bn)    Inception	
since inception to Dec. 31	
2011 (2010 ranking)	
1. Bridgewater Pure Alpha  (3) 35.8             71.9                  1975	
2. Quantum Endowment Fund  (1) 31.2             22.2                  1973	
3. Paulson & Co.           (2) 22.6             22.6                  1994	
4. Baupost                 (4) 16               23                    1983	
5. Brevan Howard           (8) 15.7             26.5                  2003	
6. Appaloosa               (5) 13.7             13                    1993	
7. Caxton Global           (6) 13.1             6.9                   1983	
8. Moore Capital           (7) 12.7             14                    1990	
9. Farallon                (9) 12.2             19.5                  1987	
10.SAC                     (-) 12.2             13.2                  1992	
TOTAL OF TOP TEN               185.2            232.8	
Source: LCH Investments NV

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